Lots of tax changes

New laws, extenders and further implementation of the tax reform act -- never has it been a more important time to choose an Enrolled Agent to prepare your tax returns or help resolve tax problems

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What is an Enrolled Agent?

Enrolled Agents are the only nationally licensed tax professionals, authorized to represent taxpayers with the IRS anywhere in the country. Enrolled Agents specialize in taxes, so they truly are America's Tax Experts®

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Find an EA near you

Whether it's for tax preparation, tax planning or tax problem resolution, here's where to find an EA:

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Tax Headlines

Coronavirus Tax Relief

The IRS and Arizona have extended the due date to July 15, 2020, both for filing Federal income tax returns and for payments due April 15 for individuals and other unincorporated entities.

Associated interest, additions to tax, and penalties for late payment will also be suspended until July 15, 2020. Taxpayers will not need to appy for relief from penalties and interest for payments made during this time.

The IRS established a special webpage at IRS.gov/coronavirus for tax-related information. For more information, see Tax Day now July 15 and Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak (Notice 2020-17).

Arizona Proclaims Enrolled Agents Week

Arizona Governor Doug Ducey proclaimed the first week of February as Enrolled Agents Week. The state issues a proclamation for Enrolled Agents Week each year, helping to build public awareness of Enrolled Agents.

SECURE changes retirement options

The SECURE law passed in late December presents 29 new provisions for retirement accounts. Among the highlights:
• Removes the age 70½ limitation for contributing to an Individual Retirement Account (IRA).
• Moves the age for starting Required Minimum Distributions (RMD’s) from 70½ to 72.
• Requires inherited IRA beneficiaries to take all of the funds within 10 years.
• Creates a tax credit of $500 to help smaller employers which automatically enroll workers in their retirement plan.
• Eases the process for small employers to take part in multi-company (pooled) retirement plans.
• Allows annuities to be offered within retirement plans.
• Waives early-withdrawal penalties for childbirth or adoption.

Extenders bring back some deductions

A bill passed in December extends some expired tax law provisions.
• The floor amount for deducting medical expenses was scheduled to jump to 10% for 2019 (it had been 7½%). The 7½% floor will remain in effect through 2020.
• The itemized deduction for mortgage insurance premiums also was reinstated through 2020.
The tuition deduction also was revived.
• An assortment of business credits were included, including tax breaks for auto racetracks and racehorses.

Seniors get their own tax form

A new tax form, the 1040-SR, will debut for 2019. It is specifically for taxpayers age 65 or older, and is intended as a somewhat simplified version of the regular 1040. The short-form versions, the 1040-EZ and 1040-A, eliminated in 2018 were used by many older taxpayers.

Arizona passes full conformity

The Arizona legislature passed a bill to have the state tax laws fully “conform” (follow) the federal rules starting with 2019. As a result, Arizona no longer has personal exemptions and a low standard deduction. The new standard deduction amount is the same as the federal, so many people who took the standard deduction on their federal returns but itemized for the state will no longer do so.